Sec. 3. Local Journalism Preservation Trust Fund
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Subchapter A of chapter 98 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: There is hereby established in the Treasury of the United States a trust fund to be known as the Local Journalism Preservation Trust Fund , consisting of such amounts as may be appropriated to such Trust Fund as provided in this section. There are hereby appropriated to the Local Journalism Preservation Trust Fund amounts equivalent to one-third of the taxes received in the Treasury under section 4286.
Such amounts shall be held in such Trust Fund unless and until a law is enacted which establishes a tax credit for— local journalism entities for expenses related to the hiring of journalists, or small businesses for expenses related to advertising in local news outlets. After the effective date of the first law which meets the description in subsection (b), the Secretary shall pay from time to time into the general fund of the Treasury amounts equivalent to the credits allowed under each law which meets the description of subsection (b).
Such amounts shall be transferred on the basis of estimates by the Secretary, and proper adjustments shall be made in amounts subsequently transferred to the extent prior estimates were in excess of or less than the credits allowed. . The table of sections for subchapter A of chapter 98 of such Code is amended by adding at the end the following new item: 9512. Local Journalism Preservation Trust Fund. . The amendments made by this section shall apply to taxes received after December 31, 2025.